会计学企业决策的基础chapter6solutions.docVIP

35 Minutes, Medium PROBLEM 6.1A a. General Journal 　 (1) 　 　 Nov. 5 Accounts receivable (Bemidji Construction) 13,390 　 　 　 　 Sales 　 13,390 　 　 　 　 　 5 Cost of Good Sold 9,105 　 　 　 　 Inventory 　 9,105 　 　 　 　 　 9 Inventory 3,800 　 　 　 　 Accounts Payable (Owatonna Tool Co.) 　 3,800 　 　 　 　 Dec. 5 Cash 13,390 　 　 　 　 Accounts Receivable (Bemidji Construction) 　 13,390 　 　 　 　 　 　 　 9 Accounts Payable (Owatonna Tool. Co.) 3,800 　 　 　 　 Cash 　 3,800 　 　 　 　 　 　 　 31 Cost of Goods Sold 1,710 　 　 　 　 Inventory 　 1,710 　 　 　 Inventory per accounting records $ 183,790 　 　 　 　 Inventory per physical count 182,080 　 　 　 　 Adjustment for inventory shrinkage $ 1,710 　 b. 　 　 　 　 　 CLAYPOOL HARDWARE Partial Income Statement For the Year Ended December 31, 20__ 　 Net sales 　 $ 1,024,900 Cost of goods sold (1) 696,932 　 　 Gross profit 　 $ 327,968 　 　 　 　 　 (1) Cost of goods sold prior to adjustment at Dec. 31 $ 695,222 　 　 Add: Shrinkage adjustment at Dec. 31 　 1,710 　 　 Cost of goods sold (adjusted balance) 　 $ 696,932 c. Claypool seems quite able to pass its extra transportation costs on to its customers and, in fact, enjoys a significant financial benefit from its remote location. The following data support these conclusions: 　 　 　 　 　 　 Claypool 　 Industry 　 　 　 Hardware 　 Average 　 Difference 　 Annual sales …………………………….. 　 $1,024,900 　 $1,000,000 　 $24,900 Gross profit ……………………………… 　 327,968 　 250,000 (1) 77,968 Gross profit rate ………………………… 　 32% (2) 25% 　 7% 　 　 　 　 　 　 　 　 　 　 　 　 　 (1) $1,000,000 sales ? 25% = $250,000 　 (2) $327,968 gross profit ? $1,024,900 net sales